Beleaguered crypto lending platform Celsius Network has incurred more than $3 million in legal fees, according to a file shared Friday.

Bankruptcy proceedings, which have been costly for Celsius Network, are an understatement, and according to the filing, the law firm Kirkland and Ellis is charging the company $2.6 million in fees for representing it in its bankruptcy proceedings. July 13 and 31. .

Akin Gump also charged the company $750,000 in fees for his services between July 13 and August 31.

These massive legal fees spike the costs incurred by crypto firms that have gone bankrupt, including Voyager Digital, Babel Finance, Vauld Group, and Zipmex. While the industry is littered with these bankruptcy cases, Celsius Network stands out as the first company to stop withdrawals on its platform.

Alex Mashinsky, the company’s founder and former CEO, and his team allegedly bankrupted the company, with the Wall Street Journal noting that the company operated with a higher risk profile than most traditional banks.

Currently, Celsius Network has been exploring avenues to pay off its creditors following its bankruptcy with up to $2.8 billion in crypto liabilities. For the company to have an amicable agreement where the restructuring or liquidation is favorable to the majority of its creditors, it will still need to retain the services of experts who can help it navigate its restructuring process.

As a flagship bankrupt crypto lending firm, the firm is neck-deep in its proceedings and may reportedly face a shortfall of up to $40 million based on projections by Kirkland & Ellis.

The crypto winter has wiped out many crypto giants, and what advocates in the space are now looking for is how affected companies will finance their bankruptcy proceedings with highly protected funds.

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